TechFlow, October 17 — Glassnode published an analysis indicating that ongoing macroeconomic uncertainty continues to weigh on Bitcoin's performance. Over the past week, gold has outperformed Bitcoin by over 20%, partially taking away its "store-of-value" status. The options market reflects a clear shift in investor sentiment, with Bitcoin's short-term volatility surging to 50 as traders pay high premiums for immediate protection. Market structure leans defensive, with strong demand for put options, making downside protection more expensive than upside exposure. Nevertheless, capital flows remain relatively balanced—some accounts have reduced protective positions, certain investors are selling volatility opportunistically amid the downturn, while others are selectively purchasing cheap call options, reflecting caution but not one-sided pessimism.
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